China's Uber rival Didi Kuaidi is raising $1 billion

China's biggest ride-hailing company is upping the stakes as it competes with Uber.

Didi Kuaidi is raising around $1 billion in a new funding round, according to a person close to the situation. As the terms haven't yet been finalized, it's not possible to give a new valuation, the person added.

The Wall Street Journal reported that the new round would value the company at more than $20 billion.

Didi Kuaidi declined to comment. It raised $3 billion in September, valuing the company at $16.5 billion.